06:30 AM EST, 11/15/2024 (MT Newswires) -- MDA Space ( MDALF ) , a space mission partner to the global space industry, on Friday reported an increase in third-quarter earnings on higher revenues and updated its 2024 financial outlook

The company said adjusted net income for Q3 rose 60% to $34.7 million compared to $21.7 million in Q3 2023, driven by higher operating income. It had adjusted diluted earnings per share of $0.28 in Q3 2024 compared to $0.18 in Q3 2023, representing an increase of 56%.

Among other highlights, it said revenues of $282.4 million in Q3 2024 were up 38.0% year over year driven by higher work volumes across the business with strong contributions from the Satellite Systems and Robotics & Space Operations businesses.

It added backlog of $4.6 billion at quarter end provides "good revenue visibility: for 2025 and beyond and was up 49% compared to Q3 2023. The year over year increase in backlog is driven by new order bookings including the $1 billion award for Phases C/D of the Canadarm3 program announced in Q2 2024.

MDA in updating its 2024 full year financial outlook raised revenue guidance, narrowed adjusted EBITDA guidance and reaffirmed capital expenditures guidance. It reaffirmed positive free cash flow in 2024.

Mike Greenley, Chief Executive Officer, in a statement said: "The team continued to execute on our major programs, successfully conducting the preliminary design review for the Canadarm3 program, a critical milestone for the program. We also made significant progress on MDA CHORUS, our next generation Earth Observation constellation, completing the spacecraft assembly and commencing spacecraft integration and testing. And in our Satellite Systems business, the team made solid progress advancing the engineering work for the Telesat Lightspeed program. In Q3, we also broke ground on our Satellite Systems facility expansion in Quebec which will add 185,000 square feet of advanced manufacturing capacity."

MDA eased $0.05 to $25.85 on the TSX yesterday.